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{{Short description|Brazilian electric utilities company}}
{{Use dmy dates|date=August 2023}}
{{Infobox company
{{Infobox company
| name = Centrais Elétricas Brasileiras S.A.
| name = Centrais Elétricas Brasileiras S.A.
| native_name_lang = pt
| native_name_lang = pt
| logo = Eletrobras.png
| logo = Eletrobras.png
| logo_caption =
| logo_caption =
| caption =
| caption =
| type = [[S.A. (corporation)|Sociedade Anônima]]
| type = [[S.A. (corporation)|Sociedade Anônima]]
| traded_as = {{B3 (stock exchange)|cvm=2437|ELET3}}<br />{{Nasdaq|EBR}}<br />{{BMAD|BRELETACNPB7|XELTB}}
| traded_as = {{B3 (stock exchange)|cvm=2437|ELET3}}<br />{{Nasdaq|EBR}}<br />{{BMAD|BRELETACNPB7|XELTB}}
| fate =
| fate =
| predecessor =
| predecessor =
| successor =
| successor =
| foundation = {{Start date|1962}}
| foundation = {{Start date and age|1962|6|11|df=y}}
| founder =
| founder =
| defunct = <!-- {{End date|YYYY|MM|DD}} -->
| defunct = <!-- {{End date|YYYY|MM|DD|df=y}} -->
| location_city = [[Rio de Janeiro]]
| location_city = [[Rio de Janeiro]]
| location_country = [[Brazil]]
| location_country = [[Brazil]]
| locations =
| locations =
| area_served =
| area_served =
| key_people = Wilson Ferreira Júnior <small>([[CEO]])</small><ref>{{cite web |url=https://g1.globo.com/economia/noticia/2022/09/19/wilson-ferreira-junior-reassume-presidencia-da-eletrobras.ghtml |title=Wilson Ferreira Júnior reassume presidência da Eletrobras |date=19 September 2022 |access-date=21 September 2022 | orig-date= |publisher=G1 |website= |page= |pages= |lang=pt-br |url-status= |url-access= |via=Reuters}}</ref><ref>{{cite web |url=https://eletrobras.com/pt/Lists/noticias/ExibeNoticias.aspx?ID=1272 |title=Wilson Ferreira Junior toma posse |date=19 September 2022 |access-date=21 September 2022 | orig-date= |publisher=Eletrobras Notícias |website= |page= |pages= |lang=pt-br |format= |url-status= |url-access= |via=}}</ref>
| key_people = Rodrigo Limp Nascimento <small>([[CEO]])</small>
| industry = [[Electricity]]
| industry = [[Electricity]]
| products = [[Electrical power]]
| products = [[Electrical power]]
| services = [[Electricity distribution]]<br />[[Electric power transmission]]<br />[[Electric power generation]]
| services = [[Electricity distribution]]<br />[[Electric power transmission]]<br />[[Electric power generation]]
| revenue = {{decrease}} US$ 6.4&nbsp;billion <small>(2020)</small>
| revenue = {{increase}} {{R$|44.4 billion}} <small>(2021)</small><ref name="RI21"/>
| operating_income = {{Increase}} {{US$|14 billion}} (2020)
| operating_income = {{Increase}} {{R$|10.9 billion}} <small>(2021)</small><ref name="RI21"/>
| net_income = {{decrease}} {{R$|5.7 billion}} <small>(2021)</small><ref name="RI21"/><ref>{{cite web
⚫
| assets =
| url=https://agenciabrasil.ebc.com.br/economia/noticia/2022-03/eletrobras-teve-lucro-de-r-57-bilhoes-em-2021
⚫
| equity =
| title=Eletrobras teve lucro de R$ 5,7 bilhões em 2021
| owner = [[Brazilian Government]] (45%)
| date=19 March 2022
⚫
| num_employees = 13,795 (2020)
| access-date=
⚫
| parent =
| language=pt-br
⚫
| divisions =
| archive-url=
⚫
| subsid =
| archive-date=
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| homepage = {{URL|http://eletrobras.com/en/|eletrobras.com}}
| website=Agência Brasil
⚫
| footnotes =
}}</ref>
⚫
| assets =
⚫
| equity =
| owner = [[Brazilian Government]] (34.85%)<ref>{{cite web | url=https://ri.eletrobras.com/en/a-eletrobras/capital-social/ | title=Capital Social - Eletrobras RI }}</ref>
| num_employees = 12,018 <small>(2021)</small><ref name="RI21">{{Cite web |url=https://api.mziq.com/mzfilemanager/v2/d/abb77a17-3348-4bc7-849a-154998e06ca3/22eae0f7-c255-3281-8454-15a2d8648ddc?origin=1 |title=Relatório da Administração 2021 |pages=56, 61, 68 |date=18 March 2022 |access-date=6 July 2022 |website=Eletrobras RI |language=pt-br}}</ref>
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| parent =
⚫
| divisions =
⚫
| subsid =
⚫
| homepage = {{URL|http://eletrobras.com/en/|eletrobras.com}}
⚫
| footnotes =
}}
}}
'''Eletrobras''' ({{IPA-pt|eˌlɛtɾoˈbɾas}}, full name: '''Centrais Elétricas Brasileiras S.A.''') is a major [[Brazil]]ian electric utilities company. The company's headquarters are located in [[Rio de Janeiro]].
'''Eletrobras''' ({{IPA-pt|eˌlɛtɾoˈbɾas}}, full name: '''Centrais Elétricas Brasileiras S.A.''') is a major [[Brazil]]ian electric utilities company. The company's headquarters are located in [[Rio de Janeiro]].


It is [[Latin America]]'s biggest power utility company, tenth largest in the world, and is also the fourth largest clean energy company in the world{{citation needed|reason=These indexes require a reliable source|date=November 2015}}. Eletrobras holds stakes in a number of Brazilian electric companies, so that it generates about 40% and transmits 69% of Brazil's electric supply. The company's generating capacity is about 51,000&nbsp;MW, mostly in hydroelectric plants. The Brazilian federal government owned 52% stake in Eletrobras until June 2022, the rest of the shares traded on [[B3 (stock exchange)|B3]]. The stock is part of the [[Índice Bovespa|Ibovespa]] index. It is also traded on the [[Nasdaq|Nasdaq Stock Market]] and on the [[Madrid Stock Exchange]].
It is [[Latin America]]'s biggest power utility company, tenth largest in the world, and is also the fourth largest clean energy company in the world.{{citation needed|reason=These indexes require a reliable source|date=November 2015}} Eletrobras holds stakes in a number of Brazilian electric companies, so that it generates about 40% and transmits 69% of Brazil's electric supply. The company's generating capacity is about 51,000&nbsp;MW, mostly in hydroelectric plants. The Brazilian federal government owned 52% stake in Eletrobras until June 2022, the rest of the shares traded on [[B3 (stock exchange)|B3]]. The stock is part of the [[Índice Bovespa|Ibovespa]] index. It is also traded on the [[Nasdaq|Nasdaq Stock Market]] and on the [[Madrid Stock Exchange]].


==History==
==History==
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|year=2008
|year=2008
|page=85
|page=85
|series= OECD Reviews of Regulatory Reform
|isbn= 9789264042933}}
|isbn= 9789264042933}}
</ref>
</ref>
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===Subsidiaries===
===Subsidiaries===
Among Eletrobras' subsidiaries, there are generation and transmission companies.
Among Eletrobras' subsidiaries, there are generation and transmission companies.

{{Infobox company
{{Infobox company
| name = Eletronorte S.A.
| name = Eletronorte S.A.
| logo =
| logo =
| ISIN =
| ISIN =
| type = Private, subsidiary of Eletrobras
| type = Private, subsidiary of Eletrobras
| foundation = {{Start date|1973}}
| foundation = {{Start date and age|1973}}
| location_city = [[Brasilia]]
| location_city = [[Brasilia]]
| location_country = [[Brazil]]
| location_country = [[Brazil]]
| industry = [[Power generation]]
| industry = [[Power generation]]
| products = [[Electrical power]]
| products = [[Electrical power]]
| services = [[Electricity distribution]]
| services = [[Electricity distribution]]
| num_employees = 3,655
| num_employees = 3,655
| homepage = {{URL|www.eln.gov.br}}
| homepage = {{URL|www.eln.gov.br}}
}}
}}

'''Eletronorte''' (Centrais Elétricas do Norte do Brasil S.A.) is responsible for the power generation, transmission and distribution in the states of [[Amazonas (Brazilian state)|Amazonas]], [[Pará]], [[Acre (state)|Acre]], [[Rondônia]], [[Roraima]], [[Amapá]], [[Tocantins (state)|Tocantins]] and [[Mato Grosso]].
'''Eletronorte''' (Centrais Elétricas do Norte do Brasil S.A.) is responsible for the power generation, transmission and distribution in the states of [[Amazonas (Brazilian state)|Amazonas]], [[Pará]], [[Acre (state)|Acre]], [[Rondônia]], [[Roraima]], [[Amapá]], [[Tocantins (state)|Tocantins]] and [[Mato Grosso]].

{{Infobox company
{{Infobox company
| name = Eletropar S.A.
| name = Eletropar S.A.
| logo =
| logo =
| ISIN =
| ISIN =
| type = [[Subsidiary]]
| type = [[Subsidiary]]
| foundation = 1995
| foundation = {{Start date and age|1995}}
| location = [[Rio de Janeiro]], [[Brazil]]
| location = [[Rio de Janeiro]], [[Brazil]]
| industry = [[Private equity]]
| industry = [[Private equity]]
Line 89: Line 103:


'''Eletrobras Eletropar''' acts in participations of other energy companies.
'''Eletrobras Eletropar''' acts in participations of other energy companies.
* [[Eletronet]] - 49,27%<ref>http://www.eletronet.com/</ref>
* [[Eletronet]] - 49.27%<ref>{{Cite web|url=https://www.eletronet.com/|title=Trânsito IP para Provedores de Internet &#124; Eletronet|date=3 February 2020|accessdate=18 March 2023}}</ref>
* [[Companhia Energética de São Paulo|CESP]] - 4,77%
* [[Companhia Energética de São Paulo|CESP]] - 4.77%
* [[EMAE]] - Empresa Metropolitana de Águas e Energia - 1,42%
* [[EMAE]] - Empresa Metropolitana de Águas e Energia - 1.42%
* [[AES Eletropaulo]] - 2,03%
* [[AES Eletropaulo]] - 2.03%
* [[CPFL Energia]] - 1,15%
* [[CPFL Energia]] - 1.15%
* [[CTEEP]] - 0,66%
* [[CTEEP]] - 0.66%
* [[Energias de Portugal]] - 3,09%
* [[Energias de Portugal]] - 3.09%
* [[Itaipu Binacional]] - 50,00%
* [[Itaipu Binacional]] - 50.00%
{{Infobox company
{{Infobox company
| logo =
| logo =
| ISIN =
| ISIN =
| name = CHESF S.A.
| name = CHESF S.A.
| type = [[Subsidiary]]
| type = [[Subsidiary]]
| key_people = Fabio Lopes Alves ([[CEO]])<ref>{{cite web |url=https://www.chesf.com.br/empresa/Pages/DiretoriaConselhos/Diretoria.aspx |title=Sobre a empresa – Diretoria e Conselhos |date= |access-date=21 September 2022 |publication-date= | orig-date= |publisher=Companhia Hidrelétrica do São Francisco (Chesf) |website= |page= |lang=pt-br |format= |url-status= |url-access= |via=}}</ref><ref>{{cite web |url=https://exame.com/negocios/ex-secretario-de-energia-fabio-alves-e-nomeado-presidente-da-chesf/ |title=Ex-secretário de energia Fábio Alves é nomeado presidente da Chesf |date=3 May 2018 |access-date=21 September 2022 | orig-date= |publisher=Exame |website= |page= |pages= |lang=pt-br |format= |url-status= |url-access= |via=}}</ref>
| key_people = Sinval Zaidan Gama ([[CEO]])
| industry = [[Utilities]]
| industry = [[Utilities]]
| products = [[Electricity generation]]
| products = [[Electricity generation]]
| num_employees = 4,427
| num_employees = 4,427
| parent = Eletrobras
| parent = Eletrobras
| foundation = 1948
| foundation = {{Start date and age|1948}}
| location = [[Recife]], [[Brazil]]
| location = [[Recife]], [[Brazil]]
| homepage = [http://www.chesf.gov.br www.chesf.gov.br]
| homepage = [https://www.chesf.com.br/ www.chesf.com.br]
}}
}}


'''CHESF''' ('''C'''ompanhia '''H'''idro-'''E'''létrica do '''S'''ão '''F'''rancisco; São Francisco's Hydroelectric Company) generates and transmits [[electric power]] from [[hydroelectric]] plants to all of the cities in northeast of [[Brazil]]. It owns 14 hydroelectric energy plants and 1 thermoelectric energy plant.<ref>{{Cite web|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=5872422|title=Companhia Hidro Elétrica do São Francisco: Private Company Information - Bloomberg|website=www.bloomberg.com|access-date=2016-11-28}}</ref> Sinval Zaidan Gama was made CEO in January 2017.<ref>{{Cite web|url=https://www.bloomberg.com/research/stocks/private/person.asp?personId=304667415&privcapId=5872422|title=José Carlos De Miranda Farias: Executive Profile & Biography - Bloomberg|website=www.bloomberg.com|access-date=2016-11-28}}</ref>
'''CHESF''' ('''C'''ompanhia '''H'''idro-'''E'''létrica do '''S'''ão '''F'''rancisco; São Francisco's Hydroelectric Company) generates and transmits [[electric power]] from [[hydroelectric]] plants to all of the cities in northeast of [[Brazil]]. It owns 14 hydroelectric energy plants and 1 thermoelectric energy plant.<ref>{{Cite web|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=5872422|title=Companhia Hidro Elétrica do São Francisco: Private Company Information - Bloomberg|website=www.bloomberg.com|access-date=28 November 2016}}</ref> Sinval Zaidan Gama was made CEO in January 2017.<ref>{{Cite web|url=https://www.bloomberg.com/research/stocks/private/person.asp?personId=304667415&privcapId=5872422|title=José Carlos De Miranda Farias: Executive Profile & Biography - Bloomberg|website=www.bloomberg.com|access-date=28 November 2016}}</ref>


The main source of energy is the [[São Francisco River]].
The main source of energy is the [[São Francisco River]].

{{Infobox company
{{Infobox company
| name = Eletrobras CGTEE S.A.
| name = Eletrobras CGTEE S.A.
| logo = Eletrobras cgtee.jpg
| logo = Eletrobras cgtee.jpg
| type = [[Subsidiary]]
| type = [[Subsidiary]]
| foundation = {{Start date|1997}}
| foundation = {{Start date|1996|12|26|df=y}}<ref name="CGTEEdef"/>
| defunct = {{End date|2020|01|02|df=y}}<ref name="CGTEEdef">{{cite web |url=https://www.cgteletrosul.com.br/a-empresa/quem-somos/historico/cgtee |title=História da CGTEE |date= |access-date=21 September 2022 |publication-date= | orig-date= |publisher=Companhia de Geração e Transmissão de Energia Elétrica do Sul do Brasil (CGT Eletrosul) |website= |page= |pages= |lang=pt-br |format= |url-status= |url-access= |via=}}</ref>
| location_city = [[Porto Alegre]]
| location_country = [[Brazil]]
| location_city = [[Candiota]]
| location_country = [[Brazil]]<ref name="CGTEEdef"/>
| key_people = Sereno Chaise ([[CEO]])
| key_people =
| industry = Electricity
| industry = Electricity
| num_employees = 700
⚫
| num_employees =
| parent = Eletrobras
| parent = Eletrobras
| homepage = {{URL|www.cgtee.gov.br}}
| divisions = CGT Eletrosul
| homepage = [https://www.cgteletrosul.com.br/ cgteletrosul.com.br]
}}
}}
⚫
'''Eletrobras CGTEE''' is a Brazilian power company created on July 11, 1997. It is active in the state of [[Rio Grande do Sul]].<ref>http://www.cgtee.gov.br/sitenovo/index.php?secao=2</ref>


⚫
'''Eletrobras CGTEE''' was a Brazilian power company<ref name="CGTEEdef" /> created on 11 July 1997. It is active in the state of [[Rio Grande do Sul]].<ref>{{Cite web |url=http://www.cgtee.gov.br/sitenovo/index.php?secao=2 |title=Archived copy |access-date=11 August 2017 |archive-date=17 February 2014 |archive-url=https://web.archive.org/web/20140217064939/http://www.cgtee.gov.br/sitenovo/index.php?secao=2 |url-status=dead }}</ref>


'''Eletrobras CepeL'''
'''[[Eletrobras Cepel]]'''


'''Eletrobras Eletronuclear'''
'''Eletrobras Eletronuclear'''


'''Eletrosul|Eletrobras Eletrosul'''
'''Eletrobras Eletrosul'''


'''Eletrobras Furnas (empresa)|Eletrobras Furnas'''
'''[[Eletrobras Furnas]]'''


'''Itaipu Dam|Itaipu Binacional'''
'''[[Itaipu Dam|Itaipu Binacional]]'''


===International activities===
===International activities===


Eletrobras was authorized by Act 11.651, sanctioned on April 7, 2008, to operate abroad as an investor in the power sector, by means of consortiums and/or specific purposes companies; it may also have control on enterprises. In order to coordinate this operation, it was created the Superintendence of Operations Abroad, which will operate following the guidelines of its board of directors.
Eletrobras was authorized by Act 11.651, sanctioned on 7 April 2008, to operate abroad as an investor in the power sector, by means of consortiums and/or specific purposes companies; it may also have control on enterprises. In order to coordinate this operation, it was created the Superintendence of Operations Abroad, which will operate following the guidelines of its board of directors.


For this first period, the Superintendence of Operations Abroad has set forth the priorities as follows:
For this first period, the Superintendence of Operations Abroad has set forth the priorities as follows:


1) Interconnect new sources of energy in [[Latin America]] with the Brazilian power system;
# Interconnect new sources of energy in [[Latin America]] with the Brazilian power system;
2) Promote the energetic integration between [[Brazil]] and the countries of [[Latin America]]; and
# Promote the energetic integration between [[Brazil]] and the countries of [[Latin America]]; and
3) Prospect opportunities for investment in power energy in other countries to benefit the Brazilian economy by generating new markets for the goods and services suppliers segment.
# Prospect opportunities for investment in power energy in other countries to benefit the Brazilian economy by generating new markets for the goods and services suppliers segment.


The Superintendence of Operations Abroad has been developing negotiations with several countries in [[Latin America]] and Africa:
The Superintendence of Operations Abroad has been developing negotiations with several countries in [[Latin America]] and Africa:
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| align="left" | Rodrigo Limp
| align="left" | Rodrigo Limp
| align="center" | 25º
| align="center" | 25º
|-
| align="center" | 2022
| align="left" | Wilson Ferreira Júnior
| align="center" | 26º
|}
|}


==Privatization in 2022==
==Privatization in 2022==
In May 2021, the [[Brazilian Chamber of Deputies|Câmara dos Deputados]] approved a [[Provisional measure|Provisional Measure]] (MP), sent by the [[Presidency of Jair Bolsonaro|Bolsonaro Government]], that foresees the privatization of Eletrobras. The process would take place through the sale of new [[Common stock|ordinary shares]] on the [[B3 (stock exchange)|B3 Stock Exchange]], which in practice would decrease the shareholding interest of the [[Federal Government of Brazil|government]] and the [[Brazilian Development Bank]] (BNDES) to about 45%, with more papers offered to private investors. Where each shareholder, individually, could not hold more than 10% of the voting capital of the company. The [[Politics of Brazil|Government]] would maintain a special class of share (''[[golden share]]'') that grants it [[Veto|veto power]] in decisions of the shareholders' meeting.<ref>{{Cite web |date=19 May 2021 |title=Câmara aprova privatização da Eletrobras; texto ainda será votado no Senado |url=https://economia.uol.com.br/noticias/redacao/2021/05/19/camara-aprova-venda-da-eletobras-deputados-ainda-votam-mudancas-no-texto./ |access-date=20 May 2021 |website=UOL Economia |language=pt-br}}</ref> The MP was approved in the Senate Plenary, on 17 June 2021, with the presentation of three different opinions by the rapporteur, Senator [[Marcos Rogério (politician)|Marcos Rogério]] ([[Democrats (Brazil)|DEM]]-[[Rondônia|RO]]). The dispute was reflected in the result of the vote: the MP received 42 votes in favor and 37 against.<ref>{{Cite web |date=17 June 2021 |title=Senado aprova MP que desestatiza Eletrobras; texto volta para Câmara |url=https://www12.senado.leg.br/noticias/materias/2021/06/17/senado-aprova-mp-que-desestatiza-eletrobras-texto-volta-para-camara |access-date=24 June 2021 |website=Senado Federal |language=pt-br}}</ref><ref>{{Cite web |last= |date=17 June 2021 |title=Marcos Rogério comemora projeto de privatização da Eletrobrás; Caso siga o exemplo da Ceron em Rondônia tarifas devem aumentar |url=https://www.portalrondonia.com/2021/06/17/marcos-rogerio-comemora-projeto-de-privatizacao-da-eletrobras-caso-siga-o-exemplo-da-ceron-em-rondonia-tarifas-devem-aumentar/ |access-date=25 June 2021 |website=Portal Rondônia |language=pt-BR}}</ref>
In June 2022 Brazil's state-controlled power utility Eletrobras has announced it intends to trade its new ordinary shares on the NYSE on June 10. The operation happened simultaneously in Brazil and the US, but trading of the shares on B3, the Brazilian stock exchange, started on June 13.

Privatization advocates argue that once privatized the company would increase its investment capacity.<ref>{{Cite web |date=19 May 2021 |title=Privatização pode injetar R$ 10 bilhões ao ano na Eletrobras, diz secretário |url=https://www.poder360.com.br/economia/privatizacao-pode-injetar-r-10-bilhoes-ao-ano-na-eletrobras-diz-secretario/ |access-date=24 June 2021 |website=Poder360 |language=pt-br}}</ref> However it was criticized by other sectors of society, such as the Union Movement for Energy, [[Instituto de Energia e Meio Ambiente]] (IEMA), and the [[Federação das Indústrias do Estado de São Paulo]] (FIESP), fearing that the project could lead to increased tariffs for consumers and cause environmental damage.<ref>{{Cite web |last= |first= |date=14 June 2021 |title=Entidades criticam texto da MP de privatização da Eletrobras |url=https://www.correiobraziliense.com.br/economia/2021/06/4931096-entidades-criticam-texto-da-mp-de-privatizacao-da-eletrobras.html |access-date=24 June 2021 |website=Correio Braziliense |language=pt-BR}}</ref><ref>{{Cite web |date=21 June 2021 |title=Fiesp critica relatório da MP da Eletrobras e manutenção de 'jabutis' |url=https://www.cnnbrasil.com.br/business/fiesp-critica-relatorio-da-mp-da-eletrobras-e-manutencao-de-jabutis/ |access-date=24 June 2021 |website=CNN Brasil |language=pt-BR}}</ref> The main concerns about the privatization were amendments requiring the contracting of [[Thermal power station|thermoelectric plants]] powered by [[natural gas]] and the authorization to build the [[Tucuruí transmission line]] without the need for [[Environmental compliance|environmental permits]] from the [[Brazilian Institute of Environment and Renewable Natural Resources|Instituto Brasileiro do Meio Ambiente e dos Recursos Naturais Renováveis]] (IBAMA) and the [[Fundação Nacional do Índio]] (FUNAI).<ref>{{Cite web |date=17 June 2021 |title=Senado aprova MP que autoriza privatização da Eletrobras |url=https://g1.globo.com/jornal-nacional/noticia/2021/06/17/senado-aprova-texto-base-da-mp-que-autoriza-privatizacao-da-eletrobras.ghtml |access-date=24 June 2021 |website=G1 |language=pt-br}}</ref>

The final version of the project was approved on 21 June 2021. The final proposal extends contracts of the [[Programa de Incentivo às Fontes Alternativas de Energia Elétrica|PROINFA]] for 20 years, provides for the construction of [[Small hydro|SHPs]], and forbids, for ten years, that subsidiaries of Eletrobras are extinguished. The MP also determines revitalization projects in the [[Basin of the São Francisco River|Bacia do rio São Francisco]], the [[Furnas Dam|Furnas]] reservoirs, in the [[Legal Amazon|Amazonia]], [[Madeira River]] and [[Tocantins River]]. Also, [[Eletrobras Eletronuclear|Eletronuclear]], responsible for the [[Central Nuclear Almirante Álvaro Alberto|Usina Nuclear de Angra]], and the Brazilian participation in the [[Itaipu Dam]] will be dismembered from Eletrobras and kept under state control.<ref>{{Cite web |date=21 June 2021 |title=Câmara aprova privatização da Eletrobras; texto vai à sanção presidencial |url=https://economia.uol.com.br/noticias/redacao/2021/06/21/camara-aprova-privatizacao-da-eletrobras-mudancas-ainda-serao-votadas.htm |website=UOL Economia |language=pt-br |accessdate=24 June 2021}}</ref><ref>{{Cite web |date=21 June 2021 |title=Privatização da Eletrobras: saiba ponto a ponto o que prevê a MP aprovada pela Câmara |url=https://g1.globo.com/economia/noticia/2021/06/21/privatizacao-da-eletrobras-saiba-ponto-a-ponto-o-que-preve-a-mp-aprovada-pela-camara. |website=G1 Economia |language=pt-br}}</ref>

In July 2021, Bolsonaro sanctioned the Provisional Measure for the privatization of Eletrobras. According to government accounts the privatization would reduce the electricity bill by about 7.36%.<ref>{{Cite web |date=9 June 2021 |title=Governo diz que privatização da Eletrobras pode reduzir conta de luz em até 7,36% |url=https://g1.globo.com/economia/noticia/2021/06/09/governo-diz-que-privatizacao-da-eletrobras-pode-reduzir-conta-de-luz-em-ate-736percent.ghtml |access-date=15 February 2022 |website=G1 |language=pt-br}}</ref> On the other hand, entities in the sector said that the electricity bill will become more expensive with the privatization.<ref>{{Cite web |date=17 June 2021 |title=MP da Eletrobras: Senado aprova texto com mudanças que podem aumentar conta de luz; entenda |url=https://g1.globo.com/economia/noticia/2021/06/17/mp-da-eletrobras-senado-aprova-texto-com-mudancas-que-podem-aumentar-conta-de-luz-entenda.ghtml |access-date=15 February 2022 |website=G1 |language=pt-br}}</ref>

The focus of the privatization is to sell shares until the government ceases to own 60% of the shares and owns 45% of the company, thus losing the majority stake in the company.<ref>{{Cite web |date=13 July 2021 |title=Bolsonaro sanciona com vetos MP da privatização da Eletrobras |url=https://g1.globo.com/politica/noticia/2021/07/13/bolsonaro-sanciona-com-vetos-mp-da-privatizacao-da-eletrobras.ghtml |access-date=15 February 2022 |website=G1 |language=pt-br}}</ref>


In September 2021, the [[Empresa Brasileira de Participações em Energia Nuclear e Binacional]] (ENBPar) was created, with the objective of taking over Eletrobras activities that cannot be privatized, such as the Itaipu Binacional and Eletronuclear companies (Angra 1, 2 and 3 plants) and the management of public policies, under law 14.182/2021.<ref>{{Cite web |last= |first= |date=13 September 2021 |title=Decreto cria estatal para assumir Eletronuclear e Itaipu após venda da Eletrobras |url=https://www.correiobraziliense.com.br/economia/2021/09/4949176-decreto-cria-estatal-para-assumir-eletronuclear-e-itaipu-apos-venda-da-eletrobras.html |access-date=18 June 2022 |website=Correio Braziliense |language=pt-BR}}</ref>
The stock offering for Brazil's state-owned power company Eletrobras raised 33.7 billion reais ($6.9 billion), becoming the world's second-largest equity deal so far that year, according to people familiar with the matter.


On 14 June 2022, 802.1 million shares were sold, with a base price of [[Brazilian real|R$]]42 ([[United States dollar|US$]]8.56), in an operation that moved [[Brazilian real|R$]]33.7 billion ([[United States dollar|US$]]6.9 billion).<ref>{{Cite news |date=9 June 2022 |title=Brazil's Eletrobras Share Sale Raises $6.9 Billion in Latin America's Biggest Equity Deal in 2021 |newspaper=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2022-06-09/brazil-eletrobras-stock-sale-said-to-raise-at-least-6-billion |access-date=9 June 2022}}</ref> With this, the Union's stake in the voting capital of the state company was reduced from 68.6% to 40.3%.<ref name=":0">{{Cite web |date=16 June 2022 |title=Cingapura, Canadá e Lemann vão controlar Eletrobras |url=https://www.istoedinheiro.com.br/cingapura-canada-e-lemann-vao-controlar-eletrobras/ |access-date=18 June 2022 |website=ISTOÉ DINHEIRO |language=pt-BR}}</ref>
Centrais Eletricas Brasileiras SA, the formal name of the Rio de Janeiro-based utility, and government bank BNDES sold a combined 697,476,856 shares at 42.00 reais apiece, a discount of about 2.4% from a previous close, said the people, who asked not to be named because the information isn’t public yet. An additional allotment of 104,621,528 new Eletrobras shares was also fully sold, they said.


Major shareholders include [[GIC Private Limited]], the [[CPP Investment Board|Canada Pension Plan Investment Board]] (CPPIB), and the Brazilian manager 3G Radar, linked to [[3G Capital]].<ref name=":0" />
With the offering, which had to receive the approval of Brazil's audit court and congress, the Brazilian government's stake in Eletrobras fell to below 50%, effectively privatizing the company.


Employees and retirees of Eletrobras and its subsidiaries had priority to acquire up to 10% of the total shares offered.<ref name=":1">{{Cite web |date=14 June 2022 |title=Privatização da Eletrobras: veja perguntas e respostas |url=https://g1.globo.com/economia/noticia/2022/06/14/privatizacao-da-eletrobras-veja-perguntas-e-respostas.ghtml |access-date=18 June 2022 |website=G1 |language=pt-br}}</ref> It was also authorized that workers could buy company shares using up to 50% of the balance of the [[Pension fund|FGTS]].<ref name=":1" />
Banks running the deal were Banco BTG Pactual SA, Bank of America Corp., Goldman Sachs Group Inc., Banco Itau BBA SA, XP Investimentos SA, Banco Bradesco BBI SA, Caixa Economica Federal, Citigroup Inc., Credit Suisse Group AG, JPMorgan Chase & Co., Morgan Stanley and Banco Safra SA.<ref>{{Cite news|url=https://www.bloomberg.com/news/articles/2022-06-09/brazil-eletrobras-stock-sale-said-to-raise-at-least-6-billion|title=Brazil's Eletrobras Share Sale Raises $6.9 Billion in Latin America's Biggest Equity Deal in 2021|newspaper=Bloomberg.com|date=9 June 2022 |access-date=2022-06-09}}</ref>


==References==
==References==
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[[Category:Electric power companies of Brazil]]

Revision as of 20:52, 2 March 2024

Centrais Elétricas Brasileiras S.A.
Company typeSociedade Anônima
B3: ELET3
Nasdaq: EBR
BMAD: XELTB
IndustryElectricity
Founded11 June 1962; 61 years ago (1962-06-11)
Headquarters
Rio de Janeiro
,
Brazil
Key people
Wilson Ferreira Júnior (CEO)[1][2]
ProductsElectrical power
ServicesElectricity distribution
Electric power transmission
Electric power generation
RevenueIncrease R$44.4 billion (2021)[3]
Increase R$10.9 billion (2021)[3]
Decrease R$5.7 billion (2021)[3][4]
OwnerBrazilian Government (34.85%)[5]
Number of employees
12,018 (2021)[3]
Websiteeletrobras.com

Eletrobras (Portuguese pronunciation: [eˌlɛtɾoˈbɾas], full name: Centrais Elétricas Brasileiras S.A.) is a major Brazilian electric utilities company. The company's headquarters are located in Rio de Janeiro.

It is Latin America's biggest power utility company, tenth largest in the world, and is also the fourth largest clean energy company in the world.[citation needed] Eletrobras holds stakes in a number of Brazilian electric companies, so that it generates about 40% and transmits 69% of Brazil's electric supply. The company's generating capacity is about 51,000 MW, mostly in hydroelectric plants. The Brazilian federal government owned 52% stake in Eletrobras until June 2022, the rest of the shares traded on B3. The stock is part of the Ibovespa index. It is also traded on the Nasdaq Stock Market and on the Madrid Stock Exchange.

History

Eletrobras was established in 1962 during João Goulart's presidency.

Operations

The Itaipu Dam at night - The world's largest hydroelectric plant by energy generation and second-largest by installed capacity

Eletrobras is an electric power holding company. It is the largest generation and transmission company in Brazil. Through its subsidiaries it owns about 40% of Brazil's generation capacities and controls 69% of the National Interconnected System.[6]

Eletrobras stands as the biggest company of the electric power sector in Latin America.

Subsidiaries

Among Eletrobras' subsidiaries, there are generation and transmission companies.

Eletronorte S.A.
Company typePrivate, subsidiary of Eletrobras
IndustryPower generation
Founded1973; 51 years ago (1973)
Headquarters
Brasilia
,
Brazil
ProductsElectrical power
ServicesElectricity distribution
Number of employees
3,655
Websitewww.eln.gov.br

Eletronorte (Centrais Elétricas do Norte do Brasil S.A.) is responsible for the power generation, transmission and distribution in the states of Amazonas, Pará, Acre, Rondônia, Roraima, Amapá, Tocantins and Mato Grosso.

Eletropar S.A.
Company typeSubsidiary
IndustryPrivate equity
Founded1995; 29 years ago (1995)
HeadquartersRio de Janeiro, Brazil
RevenueIncrease US$ 98.0 Million (2010)
Increase US$ 13.6 Million (2010)
Total assetsIncrease US$ 152.4 Million (2011)
Number of employees
230
Websitewww.eletrobraspar.com

Eletrobras Eletropar acts in participations of other energy companies.

CHESF S.A.
Company typeSubsidiary
IndustryUtilities
Founded1948; 76 years ago (1948)
HeadquartersRecife, Brazil
Key people
Fabio Lopes Alves (CEO)[8][9]
ProductsElectricity generation
Number of employees
4,427
ParentEletrobras
Websitewww.chesf.com.br

CHESF (Companhia Hidro-Elétrica do São Francisco; São Francisco's Hydroelectric Company) generates and transmits electric power from hydroelectric plants to all of the cities in northeast of Brazil. It owns 14 hydroelectric energy plants and 1 thermoelectric energy plant.[10] Sinval Zaidan Gama was made CEO in January 2017.[11]

The main source of energy is the São Francisco River.

Eletrobras CGTEE S.A.
Company typeSubsidiary
IndustryElectricity
Founded26 December 1996 (1996-12-26)[12]
Defunct2 January 2020 (2020-01-02)[12]
Headquarters
Candiota
,
Brazil[12]
ParentEletrobras
DivisionsCGT Eletrosul
Websitecgteletrosul.com.br

Eletrobras CGTEE was a Brazilian power company[12] created on 11 July 1997. It is active in the state of Rio Grande do Sul.[13]

Eletrobras Cepel

Eletrobras Eletronuclear

Eletrobras Eletrosul

Eletrobras Furnas

Itaipu Binacional

International activities

Eletrobras was authorized by Act 11.651, sanctioned on 7 April 2008, to operate abroad as an investor in the power sector, by means of consortiums and/or specific purposes companies; it may also have control on enterprises. In order to coordinate this operation, it was created the Superintendence of Operations Abroad, which will operate following the guidelines of its board of directors.

For this first period, the Superintendence of Operations Abroad has set forth the priorities as follows:

  1. Interconnect new sources of energy in Latin America with the Brazilian power system;
  2. Promote the energetic integration between Brazil and the countries of Latin America; and
  3. Prospect opportunities for investment in power energy in other countries to benefit the Brazilian economy by generating new markets for the goods and services suppliers segment.

The Superintendence of Operations Abroad has been developing negotiations with several countries in Latin America and Africa:

  • Angola and Namibia – Feasibility Studies of the AHE[clarification needed] from Baynes, located in the Cunene River, in the border between the two countries;
  • Argentina – AHE Binacional de Garabi;
  • Costa Rica – Technical Cooperation Agreement under analysis;
  • Nicaragua – Appraisal of AHEs from Boboke and Tumarim;
  • Peru – Analysis of feasibility for use of 15 AHEs, totalizing 20,000 MW;
  • Uruguay - New transmission lines expanding the already existing electric interconnection between the southern part of Brazil and Uruguay;
  • Venezuela – Studies for interconnection with the purpose of having an electric interchange between the two countries.

With Bolivia, Colombia, China, Ecuador, El Salvador, Guinea Bissau, Guyana, Morocco and Nigeria the contacts are in their initial phase.

List of current and former CEOs

Took office in CEO #
1962 Paulo Richer 1º
1964 José Varonil de Albuquerque Lima 2º
1964 Octavio Marcondes Ferraz 3º
1967 Mario Penna Bhering 4º
1975 Antonio Carlos Magalhães 5º
1978 Arnaldo Rodrigues Barbalho 6º
1979 Maurício Schulman 7º
1980 José Costa Cavalcanti 8º
1985 Mario Penna Bhering 9º
1990 José Maria Siqueira de Barros 10º
1992 Eliseu Resende 11º
1993 José Luis Alquéres 12º
1995 Mario Fernando de Melo Santos 13º
1995 Antônio José Imbassahy da Silva 14º
1996 Firmino Ferreira Sampaio Neto 15º
2001 Cláudio Ávila da Silva 16º
2002 Altino Ventura Filho 17º
2003 Luiz Pinguelli Rosa 18º
2004 Silas Rondeau Cavalcanti Silva 19º
2005 Aloísio Marcos Vasconcelos Novais 20º
2006 Valter Luiz Cardeal de Souza 21º
2008 José Antonio Muniz Lopes 22º
2010 José da Costa Carvalho Neto 23º
2016 Wilson Ferreira Júnior 24º
2020 Rodrigo Limp 25º
2022 Wilson Ferreira Júnior 26º

Privatization in 2022

In May 2021, the Câmara dos Deputados approved a Provisional Measure (MP), sent by the Bolsonaro Government, that foresees the privatization of Eletrobras. The process would take place through the sale of new ordinary shares on the B3 Stock Exchange, which in practice would decrease the shareholding interest of the government and the Brazilian Development Bank (BNDES) to about 45%, with more papers offered to private investors. Where each shareholder, individually, could not hold more than 10% of the voting capital of the company. The Government would maintain a special class of share (golden share) that grants it veto power in decisions of the shareholders' meeting.[14] The MP was approved in the Senate Plenary, on 17 June 2021, with the presentation of three different opinions by the rapporteur, Senator Marcos Rogério (DEM-RO). The dispute was reflected in the result of the vote: the MP received 42 votes in favor and 37 against.[15][16]

Privatization advocates argue that once privatized the company would increase its investment capacity.[17] However it was criticized by other sectors of society, such as the Union Movement for Energy, Instituto de Energia e Meio Ambiente (IEMA), and the Federação das Indústrias do Estado de São Paulo (FIESP), fearing that the project could lead to increased tariffs for consumers and cause environmental damage.[18][19] The main concerns about the privatization were amendments requiring the contracting of thermoelectric plants powered by natural gas and the authorization to build the Tucuruí transmission line without the need for environmental permits from the Instituto Brasileiro do Meio Ambiente e dos Recursos Naturais Renováveis (IBAMA) and the Fundação Nacional do Índio (FUNAI).[20]

The final version of the project was approved on 21 June 2021. The final proposal extends contracts of the PROINFA for 20 years, provides for the construction of SHPs, and forbids, for ten years, that subsidiaries of Eletrobras are extinguished. The MP also determines revitalization projects in the Bacia do rio São Francisco, the Furnas reservoirs, in the Amazonia, Madeira River and Tocantins River. Also, Eletronuclear, responsible for the Usina Nuclear de Angra, and the Brazilian participation in the Itaipu Dam will be dismembered from Eletrobras and kept under state control.[21][22]

In July 2021, Bolsonaro sanctioned the Provisional Measure for the privatization of Eletrobras. According to government accounts the privatization would reduce the electricity bill by about 7.36%.[23] On the other hand, entities in the sector said that the electricity bill will become more expensive with the privatization.[24]

The focus of the privatization is to sell shares until the government ceases to own 60% of the shares and owns 45% of the company, thus losing the majority stake in the company.[25]

In September 2021, the Empresa Brasileira de Participações em Energia Nuclear e Binacional (ENBPar) was created, with the objective of taking over Eletrobras activities that cannot be privatized, such as the Itaipu Binacional and Eletronuclear companies (Angra 1, 2 and 3 plants) and the management of public policies, under law 14.182/2021.[26]

On 14 June 2022, 802.1 million shares were sold, with a base price of R$42 (US$8.56), in an operation that moved R$33.7 billion (US$6.9 billion).[27] With this, the Union's stake in the voting capital of the state company was reduced from 68.6% to 40.3%.[28]

Major shareholders include GIC Private Limited, the Canada Pension Plan Investment Board (CPPIB), and the Brazilian manager 3G Radar, linked to 3G Capital.[28]

Employees and retirees of Eletrobras and its subsidiaries had priority to acquire up to 10% of the total shares offered.[29] It was also authorized that workers could buy company shares using up to 50% of the balance of the FGTS.[29]

References

  1. ^ "Wilson Ferreira Júnior reassume presidência da Eletrobras" (in Brazilian Portuguese). G1. 19 September 2022. Retrieved 21 September 2022 – via Reuters.
  2. ^ "Wilson Ferreira Junior toma posse" (in Brazilian Portuguese). Eletrobras Notícias. 19 September 2022. Retrieved 21 September 2022.
  3. ^ a b c d "Relatório da Administração 2021". Eletrobras RI (in Brazilian Portuguese). 18 March 2022. pp. 56, 61, 68. Retrieved 6 July 2022.
  4. ^ "Eletrobras teve lucro de R$ 5,7 bilhões em 2021". Agência Brasil (in Brazilian Portuguese). 19 March 2022.
  5. ^ "Capital Social - Eletrobras RI".
  6. ^ OECD Reviews of Regulatory Reform: Brazil 2008 Strengthening Governance for Growth. OECD. 2008. p. 85. ISBN 9789264042933.
  7. ^ "Trânsito IP para Provedores de Internet | Eletronet". 3 February 2020. Retrieved 18 March 2023.
  8. ^ "Sobre a empresa – Diretoria e Conselhos" (in Brazilian Portuguese). Companhia Hidrelétrica do São Francisco (Chesf). Retrieved 21 September 2022.
  9. ^ "Ex-secretário de energia Fábio Alves é nomeado presidente da Chesf" (in Brazilian Portuguese). Exame. 3 May 2018. Retrieved 21 September 2022.
  10. ^ "Companhia Hidro Elétrica do São Francisco: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 28 November 2016.
  11. ^ "José Carlos De Miranda Farias: Executive Profile & Biography - Bloomberg". www.bloomberg.com. Retrieved 28 November 2016.
  12. ^ a b c d "História da CGTEE" (in Brazilian Portuguese). Companhia de Geração e Transmissão de Energia Elétrica do Sul do Brasil (CGT Eletrosul). Retrieved 21 September 2022.
  13. ^ "Archived copy". Archived from the original on 17 February 2014. Retrieved 11 August 2017.{{cite web}}: CS1 maint: archived copy as title (link)
  14. ^ "Câmara aprova privatização da Eletrobras; texto ainda será votado no Senado". UOL Economia (in Brazilian Portuguese). 19 May 2021. Retrieved 20 May 2021.
  15. ^ "Senado aprova MP que desestatiza Eletrobras; texto volta para Câmara". Senado Federal (in Brazilian Portuguese). 17 June 2021. Retrieved 24 June 2021.
  16. ^ "Marcos Rogério comemora projeto de privatização da Eletrobrás; Caso siga o exemplo da Ceron em Rondônia tarifas devem aumentar". Portal Rondônia (in Brazilian Portuguese). 17 June 2021. Retrieved 25 June 2021.
  17. ^ "Privatização pode injetar R$ 10 bilhões ao ano na Eletrobras, diz secretário". Poder360 (in Brazilian Portuguese). 19 May 2021. Retrieved 24 June 2021.
  18. ^ "Entidades criticam texto da MP de privatização da Eletrobras". Correio Braziliense (in Brazilian Portuguese). 14 June 2021. Retrieved 24 June 2021.
  19. ^ "Fiesp critica relatório da MP da Eletrobras e manutenção de 'jabutis'". CNN Brasil (in Brazilian Portuguese). 21 June 2021. Retrieved 24 June 2021.
  20. ^ "Senado aprova MP que autoriza privatização da Eletrobras". G1 (in Brazilian Portuguese). 17 June 2021. Retrieved 24 June 2021.
  21. ^ "Câmara aprova privatização da Eletrobras; texto vai à sanção presidencial". UOL Economia (in Brazilian Portuguese). 21 June 2021. Retrieved 24 June 2021.
  22. ^ "Privatização da Eletrobras: saiba ponto a ponto o que prevê a MP aprovada pela Câmara". G1 Economia (in Brazilian Portuguese). 21 June 2021.
  23. ^ "Governo diz que privatização da Eletrobras pode reduzir conta de luz em até 7,36%". G1 (in Brazilian Portuguese). 9 June 2021. Retrieved 15 February 2022.
  24. ^ "MP da Eletrobras: Senado aprova texto com mudanças que podem aumentar conta de luz; entenda". G1 (in Brazilian Portuguese). 17 June 2021. Retrieved 15 February 2022.
  25. ^ "Bolsonaro sanciona com vetos MP da privatização da Eletrobras". G1 (in Brazilian Portuguese). 13 July 2021. Retrieved 15 February 2022.
  26. ^ "Decreto cria estatal para assumir Eletronuclear e Itaipu após venda da Eletrobras". Correio Braziliense (in Brazilian Portuguese). 13 September 2021. Retrieved 18 June 2022.
  27. ^ "Brazil's Eletrobras Share Sale Raises $6.9 Billion in Latin America's Biggest Equity Deal in 2021". Bloomberg.com. 9 June 2022. Retrieved 9 June 2022.
  28. ^ a b "Cingapura, Canadá e Lemann vão controlar Eletrobras". ISTOÉ DINHEIRO (in Brazilian Portuguese). 16 June 2022. Retrieved 18 June 2022.
  29. ^ a b "Privatização da Eletrobras: veja perguntas e respostas". G1 (in Brazilian Portuguese). 14 June 2022. Retrieved 18 June 2022.

External links

Retrieved from "https://en.wikipedia.org/w/index.php?title=Eletrobras&oldid=1211487924"